Swedish bakery company Fazer has signalled its intention to further expand in Russia with the acquisition of a 95% stake in St Petersburg-based company BKK Neva.
Go deeper with GlobalData
Fazer already operates four production sites in Russia under the name Hlebny Dom.
“Russia is one of our most important growth areas. We are one of the biggest players in the market – especially in St Petersburg. We see great potential to grow our Russian business and this acquisition will further our strategic goals in Russia,” a spokesperson for the company told just-food today (23 January).
However, the spokesperson declined to comment on whether the group is seeking out further acquisitions to fuel growth.
“We are working on expanding in Russia, but naturally we must evaluate the economic situation and market conditions,” the spokesperson said.
BKK Neva manufactures frozen dough products, as well as ready-made bakery and confectionery products.
Under Fazer’s ownership, BKK Neva will modernise production and expand its product line-up, the company indicated.
Fazer declined to comment on the financial details of the transaction.
